Amazon becomes second company to hit $1 trillion value

Lindsey Wasson  Reuters

On Monday a rise in the share price of Amazon, which is listed on the Nasdaq stock exchange in the U.S., briefly took it above the trillion-dollar watermark for the first time with the company's value hovering clse to.

On Tuesday, Amazon became the second US company to reach a market value of $1 trillion.

Amazon is the second publicly traded US company to hit $1 trillion, following Apple, which crossed the $1 trillion market cap in August.

Amazon has impressed investors by diversifying into virtually every corner of the retail industry, altering how consumers buy products and putting big pressure on many brick-and-mortar stores.

It also provides video streaming services and bought upscale supermarket Whole Foods.

"Amazon's a little bit more dynamic than Apple because the iPhone has become more mature".

In the second quarter the unit accounted for 55 percent of Amazon's operating income and 20 percent of total revenue, according to Morgan. The company makes 49 cents of every e-commerce dollar spent in the US, employs more than 550,000 people and reels in $178 billion in annual revenue, according to the New York Times. And they first hit $1,000 on October 27, 2017.

Amazon.com founder and CEO Jeff Bezos.

Amazon's shares debuted at $18 on May 15, 1997.

The Seattle-based company's stock has grown over 70 percent year-to-date, and has gained over 3,000 percent in the past decade.

Amazon saw its quarterly profit soar past $2 billion for the first time earlier this year as the online shopping, cloud computing and advertising businesses all kept growing.

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